Bittorrent Coin Analyzed: Will It Reach $1?
It’s no secret that Bitcoin and other cryptocurrencies have grown in popularity over the last decade or so. Today, you can use these currencies to purchase items on the internet or in brick-and-mortar stores, as well as invest in ICOs, including Bittorrent Coin (BTT). But how much potential does BTT really have? Some cryptocurrency enthusiasts believe it has a lot of potential; some say otherwise.
Bittorrent Coin (BTT) has been one of the most controversial coins of 2018 so far, with many critics saying that it’s going to crash hard at any moment now. Others, like MOHYLCOIN (MOHY) say that will bittorrent coin reach $1 in value sooner rather than later. What do we think? Let’s take an unbiased look at BTT and find out!
How BitTorrent Works
In 2001, Bram Cohen introduced the BitTorrent file sharing protocol. The protocol creates a peer-to-peer network for exchanging large files such as videos, music, and games. This P2P network is more efficient than HTTP due to the way it breaks up files and shares parts of the file from different users downloading at the same time. When you search for a file on BitTorrent, your computer becomes part of that file’s swarm and starts downloading pieces of it from other computers in the swarm. The more people downloading a particular file, the faster everyone gets their download since they are borrowing pieces from one another. Downloading speeds can be increased with seeders (people who upload files) or by seeding (uploading files). There are two types of torrents: private and public. Private torrents require an invitation to join while public ones don’t; however, there is no guarantee when downloading a file that all parts will come from different people.
History of Bittorrent (BTT)
Despite BTT being a relatively new token, the company has been around for nearly two decades. The project was started in 2004 by Ludvig Strigeus and Bram Cohen as a way to combat high bandwidth costs that were making it difficult for people to share large files like videos, music, and video games online.
In 2013, Cohen announced his departure from the company and filed a lawsuit alleging misuse of funds by the former CEO.
In 2014, BitTorrent Inc. changed its name to Rainberry, Inc., and released the first version of its p2p file-sharing client on Windows platforms called BitTorrent Now.
In 2018, Rainberry acquired Triano Solutions Limited, which is responsible for powering BitTorrent Sync – one of the world’s most popular file syncing services.
Rainberry is now rebranding itself back to its original name BitTorrent with all three products under their umbrella now operating under the same name.
This can be seen as a sign that it’s looking into expanding beyond just peer-to-peer file sharing. However, this is not confirmed at this time.
Bittorrent (BTT) Analysis
The BTT token is a system-level token, which will be used for payments within the file-sharing system. BTT tokens can also be used to incentivize users to share files and increase download speeds. The company expects that the token will create a natural demand from those wishing to utilize BitTorrent’s peer-to-peer network.
The ICO has begun on January 28th, 2018 and it will last until February 14th, 2018. The minimum contribution amount is 0.5 ETH or 500 BTT in order to qualify for the entire allotment of tokens; however, smaller contributions are accepted as well. BitTorrent currently has approximately 150 million monthly active users (MAUs). The platform currently supports 250 million peers per day with an average total daily usage time of 180 minutes per day. In 2017, over 1 billion people downloaded files via BitTorrent without any malware attached to them.
After analyzed these numbers, there is no question that Bittorrent coin would be valued at more than $1 in the future and would make it a viable investment option for cryptocurrency investors looking for solid returns.
Potential Gains from an Increase in Demand
Bittorrent Coin is a digital currency that aims to be used as a global payment system. If you plan on investing in this company, the best time to buy BTT tokens would be at its ICO stage. The initial cost per token will only be 0.0005 ETH, which is not too expensive of an investment and could potentially yield great returns if the demand for this coin increases in the future. This cryptocurrency has a lot of potential to increase in value as it gains more popularity and use cases in various areas of life.
Token Value Increase Due to Supply & Demand Variables
BitTorrent (BTT) is a cryptocurrency that was created by the BitTorrent Foundation in order to incentivize people to share files on their peer-to-peer file sharing network. Currently, BitTorrent has 140 million active users and is used by 4% of global internet users. To date, the company has 170 million downloads. The company is also looking for ways to merge blockchain technology with its services for better performance. Recently, BTN tokens have been distributed to BTT holders as well as being available through exchanges worldwide. They can be exchanged for other cryptocurrencies or fiat currencies such as USD and EURO.
Conclusion and Further Thoughts
The growth of BTT has been impressive. If this trend continues, it’s possible that the price will reach $1. However, these are high expectations to have because not all coins can reach this milestone. Furthermore, there are also many other factors that affect the prices of cryptocurrencies. The volatility in Bitcoin and Ethereum prices have an effect on the other coins as well.
In conclusion, BTT is a promising cryptocurrency with a lot of potential for growth in the future. Let’s see how long it takes until we can witness such impressive changes in the coin’s price once again!
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